Govt to consider TCS, Infosys proposals to set up 3 new SEZs in IT sector on 15 November
The government will consider on Friday the proposals of TCS and Infosys to set up special economic zones (SEZ) in IT sector
Infosys has proposed to set up two SEZs, one each in Kancheepuram and Pune
The total proposed investment for Pune project is Rs 361.53 crore, while it is Rs 336 crore for the Kancheepuram project
TCS has sought formal approval from the government to set up Rs 900 crore IT/ITeS zone in Tamil Nadu
New Delhi: The government will consider on Friday the proposals of TCS and Infosys to set up special economic zones (SEZ) in IT sector.
The proposals will be taken up by the Board of Approval, the highest decision-making body for SEZ, in its meeting on 15 November. The inter-ministerial body is chaired by the Commerce Secretary.
Infosys has proposed to set up two SEZs -- one each in Kancheepuram and Pune -- according to the agenda paper of the board meeting.
The total proposed investment for Pune project is Rs 361.53 crore, while it is Rs 336 crore for the Kancheepuram project.
Infosys has sought formal approval for setting up a sector-specific SEZ for IT/ITeS at Kancheepuram district in Tamil Nadu over an area of 5.37 hectares.
The Pune project is proposed at 10 hectares of land.
According to the agenda paper, Tata Consultancy Services Ltd has sought formal approval from the government to set up IT/ITeS zone in Tamil Nadu.
"TCS Ltd has proposed to invest Rs 900 crore in this zone and provide employment to about 12,000 persons," it said.
The company has requested to allow for setting up of unit with an initial development centre and start the business operations before the deadline of 31 March, 2020.
All these three proposals are placed before the board for their consideration, it added.
Further, the Tripura Industrial Development Centre too has sought approval for setting up SEZ for agro-based food processing sector over an area of 16.35 hectares in the state.
The estimated investment for the project is Rs 1,550 crore.
SEZs are demanding support, including removal of minimum alternate tax, from the government with a view to boost outbound shipments from these zones.
SEZs are major export hubs in the country as the government provides several incentives and single-window clearance system.
Exports from these zones stood at over Rs 7 lakh crore in 2018-19.
In the latest move to tighten the screws on Vladimir Putin, the Group of Seven nations have agreed to ban Russian gold. Like other sanctions, the ban is meant to isolate the country economically
The value of import of toys in India fell from $371 million in the financial year 2018-19 to $110 million in the financial year 2021-22, according to data released by the Ministry of Commerce and Industry
From soaring inflation to a looming food crisis and energy shortages, Russia's invasion of Ukraine, now in its fifth month, has mired the world in a series of crises